UAE: First Islamic Crypto Exchange (FICE)

Currently, the cryptocurrency market is attractive from the investment perspective. According to the Thomson Reuters ISLAMIC FINANCE DEVELOPMENT REPORT the crypto economy is one of the key innovative areas in the field of Islamic finance. However, the multitude of contradictions in this market and the ambiguous position of the Islamic community regarding the admissibility of investments in this market have led to the distancing and wait-and-see attitude of investors.

There are hundreds of unique crypto assets, each with different features related to distribution, mining and trading. They are also very different in terms of their underlying commodities, projects or businesses.

On August 9th Dubai hosted the Dubai International Blockchain Summit (DIBS) 2018 at a local hotel. During the event most innovative ICOs and Blockchain solutions were presented from every sector such as smart governments, finance, exchange, healthcare, supply chain and more.

Organisers were working carefully to select variety of the finest and most innovative ICO startups to be launched exclusive at Dubai International Blockchain Summit where founders and CEO’s can present their business models directly to the investors.

The most attention was drawn to the project of UAE-based ADAB Solutions company on the creation of the First Islamic Crypto Exchange (FICE).

The FICE is very unique exchange, as it is the only Shariah compliant crypto exchange at this moment. By adhering to the high moral requirements set forth by the Shariah community, the company will utilise the in-house Shariah Advisory Board to ensure that Islam is finally included in the global cryptocurrency market.

Shariah Advisory Board (SAB) is the independent body represented by internationally recognised Shariah experts, which will provide inputs on Shariah matters in order for the FICE to comply with Shariah principles at all times. These new standards set forth by the FICE will ensure an enhanced quality of assets on exchange, as well as enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.